South Korea's tax authorities have seized more than 140 billion won ($106 million) worth of virtual assets, including bitcoin and ethereum, from tax defaulters since 2021, underscoring the government's broader use of digital assets to enforce compliance. The National Tax Service (NTS) began cryptocurrency seizures in 2021 for individuals who claimed they did not have the cash or property to pay overdue debts, such as capital gains tax and inheritance tax.
According to data submitted to Democratic Party lawmaker Kim Young-jin on September 21, the assets of 14,140 people were confiscated between 2021 and 2024.
The seizures were made possible by a 2018 Supreme Court ruling that recognized virtual assets as intangible property, similar to stocks or copyrights, and therefore liable to forfeiture.
Data: South Korea Has Seized 106 million Dollar Cryptocurrency From Tax Defenders Since 2021
2025-09-24 06:42:57
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